Budget: Execution at grassroots key to unlocking India's growth, future

As an entrepreneur, scientist, and agriculturist, I believe a successful grassroots-level implementation of this Budget is essential. Simplifying investment policies at the micro level and introducing a time-bound framework will be critical for India’s growth targets.

 

Budget 2025 represents a crucial step towards empowering our youth, nurturing a sustainable startup ecosystem, and establishing India as a global leader in agriculture, medical tourism, and research.

 

The focus on promoting medical tourism under the "Heal in India" initiative is a noteworthy development to position the country as a global destination for medical care.

 

Moreover, the announcement to set up 200 daycare cancer centres in district hospitals is a welcome move. However, I believe this initiative could benefit from a public-private partnership (PPP) model, which would ensure efficient management and faster implementation and also maintain the quality standards.

 

Additionally, the exemption of basic customs duty on 36 lifesaving drugs is an important move that will make healthcare more affordable. While this will benefit MNC pharma companies, the government should have also looked at some reliefs for the domestic pharma players.

 

This year’s Budget places emphasis on agriculture, particularly with the push to incorporate technology into the sector. The government’s support for agri-tech startups and digital platforms for farmers is a step forward in modernising agriculture. While this focus is crucial, it’s equally important to boost productivity and marketing efforts to help farmers generate more revenue.

 

Additionally, the establishment of the second Gene Bank with 1 million germplasm lines is a significant move towards ensuring future food and nutritional security. This initiative will help conserve genetic resources from both the public and private sectors. Alongside, maintaining robust data protection is equally crucial to safeguard the integrity and privacy of critical information

 

The Centre's plan to upgrade air cargo infrastructure and warehousing, particularly for high-value perishable horticulture produce, is a strategic step forward. While pharma exports are essential and often dominate cargo space, prioritising perishable produce is equally important.

 

The Rs 20,000 crore allocation to promote private sector-driven research and development (R&D) and innovation is a welcome move.

 

The establishment of a deep-tech fund to support next-generation startups is a progressive step that will spur innovation in areas like artificial intelligence, biotechnology, and clean energy.

 

Another exciting initiative is the expansion of Atal Tinkering Labs in 50,000 government schools across India to inspire scientific thinking, creativity, and innovation among young students, providing them with the tools to explore STEM fields.

 

The continuation of the Fund of Funds for Startups-AIF scheme, with a fresh infusion of Rs 10,000 crore, will be a catalyst for promoting innovation and entrepreneurship, especially in emerging sectors. The government's commitment to supporting homegrown venture funds and reducing dependence on foreign capital aligns with India’s vision of building a self-reliant startup ecosystem.

 

A key highlight is the establishment of five National Centres of Excellence for Skill Development, aimed at equipping India’s youth for the "Make in India, Make for the World" initiative. Alongside 10,000 fellowships for IITs and Indian Institute of Science (IISc), this strengthens India’s education and skill ecosystem. However, reputable private institutions excelling in life sciences and other fields should also be included.

 

A positive aspect is the reduction in the middle-class tax burden, providing immediate financial relief and stimulating higher consumption, savings, and investment, which will drive economic growth.

 

The writer is executive chairman, Bharat Biotech International Ltd  Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper